Cedi Edges Lower Against Dollar as Global Pressures Persist

The Ghana cedi has continued a gradual depreciation against major international currencies in early April, reflecting a combination of persistent global risk factors and steady demand for foreign exchange in the domestic market.

On Thursday, April 9, 2026, the Bank of Ghana (BoG) interbank rate for the United States dollar stood at GH¢11.01 for buying and GH¢11.03 for selling, translating to a mid-rate of GH¢11.0200. The British pound interbank rate was GH¢14.80, while the euro traded at GH¢12.88 on the interbank market.

The movement since the end of March has been measured rather than sharp. The dollar mid-rate stood at GH¢10.9900 on March 30, placing the week-on-week depreciation at approximately 0.27 percent a modest shift that nonetheless reflects the continuing influence of external market forces on the local unit.

The dollar’s firmness in global markets has been one of the key drivers of the cedi’s recent softness. Elevated geopolitical tensions in the Middle East, including the fragile state of the ceasefire between the United States and Iran, have kept risk sentiment cautious. In such conditions, investors tend to move capital toward safe-haven assets, particularly United States Treasury securities, reinforcing demand for the dollar at the expense of emerging market currencies.

Rising oil prices, partly a consequence of ongoing uncertainty around key energy routes including the Strait of Hormuz, have also added to the pressure. For a country like Ghana, which imports the vast majority of its refined petroleum products, higher global oil prices translate directly into increased foreign exchange demand to settle import bills, putting further weight on the cedi.

Emerging market currencies broadly have also been exposed to the volatility of portfolio capital flows. When global risk appetite contracts, the so-called hot money that circulates through developing market assets tends to withdraw quickly, tightening local foreign exchange conditions and supporting the dollar’s relative strength.

Domestically, the BoG has continued to manage liquidity in the interbank foreign exchange market, with measures aimed at improving offshore inflows and supporting orderly conditions. These interventions have helped contain sharp volatility, contributing to the gradual rather than abrupt nature of the cedi’s recent movement.

The exchange rate figures below reflect official BoG interbank data published for the close of business on April 8, 2026, applicable to transactions on April 9.

Key Exchange Rate Figures (BoG Interbank) — April 9, 2026

Source: Bank of Ghana Interbank Foreign Exchange Market